About Firstmark Services
Firstmark is a division of Nelnet. Nelnet is a Federal student loan service provider. Firstmark does not service Federal student loans. It only provides services for private educational loans.
If your lender has contracted with Firstmark, Firstmark will collect and process payments for your student loans. Also, you’ll work with Firstmark to release a cosigner. Additionally, to deal with late payments, or make extra payments on your loans.
Firstmark Services provides innovative and flexible financial solutions. These solutions enable clients’ success. Also, they help deliver a positive experience to customers.
It is important to note that Firstmark offers services like:
- Loan servicing.
- Backup servicing.
- Technology solutions.
- Customer service.
- Portfolio performance.
Firstmark claims that, with decades of expertise, it offers an unmatched consumer loan experience. Also, its innovative solutions will allow you to focus on your core business. Additionally, it will help you perform at your highest level.
Despite these claims, there are complaints leveled against it. These complaints to a large extent are related to its handling of student loans.
What Firstmark Services does with Student Loans
It is important you note this. Firstmark Services is a student loan servicer, not a lender. Please note this difference. A lender regulates all the terms of your student loan and is the issuer. However, a loan servicer acts as the middleman for private student loan lenders. Additionally, it performs the following tasks:
- Handles and tracks payments.
- Also, provides customer service.
- Processes changes in repayment plans. This includes forbearance and deferment requests.
- Furthermore, maintains loan records.
- Ensures the administration of loans is in compliance with federal law and other legal requirements.
The student loan servicer (like Firstmark sercices) disburses the funds. Also, you’ll be needed to partner with it during repayment. This is for the life of your loan unless you refinance.
Firstmark Services is a branch of a larger student loan servicer, Nelnet. Nelnet services federal student loans, while Firstmark Services only handles private student loans.
The way that Firstmark performs as a student loan servicer can best be evaluated by customers. However, currently, borrowers aren’t impressed with its Services. They have many customer complaints for all of Firstmarks’ duties.
Firstmark Services Complains
Firstmark Services’ complaints are many. Borrowers can file complaints with the BBB and the Consumer Financial Protection Bureau (CFPB). Below are the three major complaints:
1. Mishandling of Student Loans
Firstmark services has been accused of mishandling student loans. When you make a payment on your student loan, you want it to go to the right place. However, with it, borrowers complain of having trouble with how their student loans.
Many borrowers have had their loans transferred to Firstmark Services. In the transfer process, it’s been reported that previous payments weren’t applied to the account. Also, that customers have a difficult time retrieving the mishandled payments.
2. Failure to Close Accounts and Work with Borrowers
This is another complain leveled against Firstmark. Paying off a student loan is one of the best feelings. Or at least, it should be. Firstmark Services faces complains from borrowers having difficulty closing their account.
When you pay off an account, it shouldn’t be a struggle. It certainly shouldn’t stop you from buying a home. Also, it shouldn’t stop you from moving on with your financial future.
3. Terrible Customer Service and Follow-Through
The BBB and CFPB Firstmark Services complaints are filled with reports of terrible customer service. Bad customer service led to a drop in credit score. Also, it led to threats of being sent to a collection agency for one borrower.
It is important you know this. Communication about payments has been a major gripe as well. There are complains that Firstmark services has a terrible customer service and follow-up/through. Gaps in communication make it challenging for any borrower to get set up for successful payments with their student loans.
Thus, if you have loans with Firstmark Services, note this. It’s advisable you check your accounts regularly. Stay in contact with the loan servicer. This is for you to be always doing your part.
- Private Student Loans and method of Application
- Prosper Personal Loans 2020 Updates
- Nelnet Student Loan
- Scholarships for Low Income Students 2020
How to Pay Your Student Loans
If Firstmark is servicing your student loans, then note. You’ll have several options for payment. You can enroll and click Set Up Auto Debit when you log into your account.
Also, you can pay using the Payment Options > Make a Payment tab. Payments made before 4:00 p.m. central time will be processed at 4:00 p.m. Otherwise, the payment will be processed the next day.
Finally, you can pay over the phone at (888) 538-7378.
How to Contact Firstmark Services
If after reading this article you still chose Firstmark, then note. Firstmark services can help you a lot. This ranges from delinquent loans to cosigner releases, and even extra payments.
Thus, to contact them, reach out to the company between 7:00 a.m. and 8:00 p.m. This is for central time on Monday through Friday. The number is: (888) 538-7378. You can also email customer service @ firstmarkservices.com if you have a question during off-hours.
What to do if You have Firstmark Student Loans
Do you have loans with Firstmark Services and you’re not happy with it? It is important you pay attention now. You have options to get out of the unhappiness. One of them is to increase your payments and pay off the loan faster.
Also, you can refinance your private student loan. If you’re serious about refinancing your student loans to avoid Firstmark Services, then shop around for a new lender. However, look at the loan terms to ensure you’re getting the same or better interest rate.
Also, make sure you can afford the payments. Furthermore, see if there are additional perks for refinancing with the new lender.
In a Nutshell
From the above, therefore, please note. Making your choice about Firstmark services should not be an issue. This is because you’ve been informed about its standing.
However, In addition to making it easier for you to compare refinancing offers, you can try Student Loan Planner. This is because it has partnered with several private student loan lenders to get you a cashback bonus. This is to help you not to put up with a terrible loan servicer.